The Zhitong Finance App learned that according to the Hong Kong Stock Exchange disclosure on February 26, Flashback Technology Co., Ltd. (Flashback Technology for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, and Qingke Capital is its sole sponsor.

According to the prospectus, Flashback Technology is a Chinese company engaged in providing aftermarket trading services for consumer electronics products, and is in a leading position in the Chinese mobile phone recycling service market. According to Frost & Sullivan, in terms of total recycling transactions from the consumer side in 2022, the company is the largest mobile phone recycling service provider in China focusing on offline trade-in. It is also the third largest mobile phone recycling service provider in China, with market shares of about 8.4% and 1.5%, respectively.

During the track record period, Flashback Technology's revenue mainly came from selling second-hand consumer electronics products (mostly mobile phones) purchased from various supply channels to second-hand market buyers, mainly through Flashback's online platform and its own online stores operated on the company's various third-party e-commerce platforms. In order to meet the business needs of downstream business partners, we also sell some purchased consumer electronics products in bulk through offline companies, while also providing them with various value-added and after-sales services.

According to information, driven by strong demand from several mainstream consumer electronics brands cooperating with Flashback Technology, the company has expanded cooperation and recycling trading services to Hong Kong to promote local business development. In October 2023, it also successfully obtained a Hong Kong radio operator license (restrictions relaxed). In addition, in September and December 2023, the company opened its first and second offline retail stores in Shenzhen under the Flashback brand to recycle and sell used consumer electronics products.

On the financial side, for the nine months ended September 30 in 2021, 2022 and 2023, Flashback Technology's revenue was approximately RMB 750 million, RMB 919 million and RMB 836 million, respectively. Losses for the same year/period were approximately RMB 487.08 million, -99.084 million yuan, and -99.114 million yuan, respectively.